Analysts are describing it as quite a negative and a news bit that was perhaps on the back of the minds of a lot of auto players but they did not really expect it to come out recommendation of this 25% ceiling cess on motor vehicles. Just want to understand from you your thoughts on what this would mean for the overall industry first up.

Vikram Kirloskar: When the GST came out, the GST rates were little lower than what the previous rates were and we immediately reduced the prices as per the new GST rates.

So I guess soon as parliament passes this as law, we will have to raise the prices to the new rates that is the only thing I can think of and we will have to deal with it and see how we keep marketing better.

But I guess with the new rate the prices will be similar to what they were before the GST came in so it is something we just have to. What we were expecting is a bigger sale or bigger production may not happen.

Pawan Goenka from also joined us on the channel earlier and while he did not want to really comment on anything unless it was finalised, he did hint at some kind of price impact if a thing like this actually happens. But how is it going to impact the overall volumes of the industry, what is your sense, I mean SUVs as well as luxury both are on the radar this time around so how is that going to impact the industry volumes?

Vikram Kirloskar: I think the prices will go back pre-GST levels. After GST, if prices dropped and now they will go back to pre-GST levels.

So I guess what we were expecting pre-GST levels in terms of what is going to happen, we thought there would be a little more on the upswing after the GST got implemented, but it may not happen.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.